FINANCE

Pantry 3Q Profit Slips

BY CSA STAFF

Sanford, N.C., The Pantry Inc. said Thursday fiscal third-quarter net income fell 38% as operating costs rose. Profit for the quarter ended June 28 fell to $12.6 million from $20.3 million in the year-ago period. Results include a charge of 6? per share for deferred financing costs in connection with refinancing its credit facilities.

Revenue rose 25% to $2.05 billion from $1.65 billion last year. Same-store merchandise sales rose 1.9% during the quarter, while same-store gasoline sales rose 1.0%.

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Jones accepts Fast Retailing bid

BY CSA STAFF

NEW YORK Jones Apparel Group today announced that it has accepted Fast Retailing’s offer to acquire Barneys New York for $900 million. According to the company, the Jones board of directors has determined that the Fast offer was superior to the offer it had originally agreed to with Isthithmar.

Pursuant to the terms of the Istithmar agreement, Jones has transmitted to affiliates of Istithmar a written notice containing the material terms of the Fast offer and expressing the company’s intention to accept the Fast offer. As a result, Jones will be entitled to terminate the Istithmar agreement unless during the three business day period commencing on August 1, affiliates of Istithmar make an offer that the company’s board of directors determines in accordance with the Istithmar agreement to be at least as favorable to the company as the Fast offer. In the event that Jones were to terminate the Istithmar agreement in order to accept the Fast offer, Jones would be required to pay an affiliate of Istithmar a termination fee of $22.7 million.

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HSN relaunches Web site

BY CSA STAFF

ST. PETERSBURG, Fla. HSN announced today that it has relaunched its Web site, HSN.com. According to the company the new site features green screen video technology and original content, along with original and re-purposed television programming.

“The new HSN.com is a unique shopping and lifestyle destination,” said William Lynch, evp and general manager of HSN.com. “This site strategically leverages HSN’s extraordinary wealth of video content and television production knowledge to create a more interactive, accessible and exciting shopping experience for current and future HSN customers. It truly is unlike anything else on the e-tailing landscape today.”

In addition to the embedded video content through the site, the new HSN.com also offers functionalities such as style guides, video vignettes offering tips and tricks, trend information, and more. And, in the coming months, additional functions will become available, including brand-specific and category-specific blogs, which will enable customers to communicate directly with their favorite celebrities and on-air personalities.

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